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9/20/17
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Private investors have purchased the 34k sf, Idealab headquarters building in Pasadena for $19.4 mil in an off-market transaction. The property, located at 130 W. Union Street in the city’s Old Town area, was sold by Fairway Real Estate and joint venture partner Tokyo Land US Corporation.
The complex is made up of five individual 1920s vintage, single-story brick structures that in 2000 had been consolidated and converted into one large and open collaborative building that spans half a city block.
“The property is an iconic creative office environment which preceded the ‘creative office craze’ in Southern California,” said Fairway Real Estate Principal Tony Nobuyuki. “Additionally, the building benefits from its location near the shopping and dining along Colorado Blvd and the planned redevelopment of the Parsons building at Holly St and Fair Oaks Ave, which will re-energize the neighborhood.”
The Fairway Real Estate-led joint venture acquired the property in a sale/leaseback transaction with the technology incubator in 2014. The lease with Idealab runs through 2019. It was the first investment for Fairway, a Los Angeles-based real estate investment firm founded that same year by Nobuyuki. It also marked the entry into the U.S. real estate markets for Tokyo Land Corporation.
“The Idealab building was planned as a long-term hold, but we have far exceeded our expectations with this investment in only three years,” said Nobuyuki.
The buyer, a private group of Los Angeles-based investors operating as Pasadena Capital Investments LLC, was represented by Chris Comfort and Eric Mandell of Apex Properties.
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